The Lakeland FL Real Estate Market recorded the 3rd highest YOY increase in median home price out of all US Metros in 2021. Lakeland’s 1-year median price growth of +29.29% was only exceeded by nearby Tampa (+29.69%) and Las Vegas (+37.67%). While it’s no secret that people are flocking to the Sunshine State in droves, it’s interesting to see that a relatively smaller Florida metro is recording some of the biggest housing market growth nationally.
Here are 3 reasons why Lakeland is one of the best places to buy a home in Florida.
|Top 10 Metros - YOY Median Price Growth||2020 Median Sale Price||2021 Median Sale Price||1 YR. % Change|
|Las Vegas, NV||$346,963||$477,667||37.67%|
|Miami-Fort Lauderdale, FL||$401,322||$495,000||23.34%|
|Daytona Beach, FL||$291,577||$357,330||22.55%|
|Boise City, ID||$454,230||$554,933||22.17%|
Lakeland has been able to attract buyers who are priced out of Florida’s top markets. Lakeland’s 2021 median sale price was $330,967. With median prices nearing $500K in South Florida’s real estate market and approaching $400K in most other Florida metros, Lakeland provides buyers an opportunity to get more for their money.
|Florida Metro||2021 Median Sale Price||2022 Median Sale Price||1-Year % Change|
|Miami-Fort Lauderdale, FL||$495,000||$401,322||23.34%|
|Daytona Beach, FL||$357,330||$291,577||22.55%|
This seems to have motivated buyers who were looking for more affordable real estate in the Sunshine State. Lakeland saw the largest year-over-year increase in sales volume (+19.39%) among Florida metros and the 8th largest increase among America’s top metros.
Florida has been one of the fastest growing states in the US over the past 3 years. According to United Van Lines 2021 migration study, Florida ranked #1 in the US for total inbound moves. It also ranked #2 for highest inbound move percentage (62%) among states with at least 1,000 shipments.
|2021 Inbounds Moves: United Van Lines||Inbound Shipments||Inbound %|
According to the latest population data, Lakeland saw the 7th largest population growth between 2010-2022 among Florida cities with at least 100,000 residents. Lakeland’s population growth will likely accelerate in the upcoming years as home prices continue to soar in Florida’s largest metros.
|City||Population 2022||Census 2010||% Growth|
|Port St. Lucie||222,960||164,848||35.25%|
It’s rare to see a landlocked Florida city like Lakeland seeing so much growth. In recent decades, the majority of Florida’s inbound population has settled in coastal areas or near the parks in Orlando. Located 45 minutes east of Tampa’s beaches and one hour west of all the fun in Orlando, Lakeland offers residents close access to both. Lakeland also offers buyers much more house for their dollar in terms of cost per square foot.
For these reasons, Lakeland is an attractive option for new Florida residents looking to buy a home and not break the bank. Real estate markets like Boise and Boston have seen explosive home price growth over the past decade. This has led many experts to consider them overvalued now that interest rates are rising alongside inflation. More affordable and less mature housing markets like Lakeland is where buyers will find the most value in this economy. For that reason, Lakeland is one of the up and coming places in Florida to buy a home in 2022.
Zach Parker is the writer of The Real Estate Digital Age, Teaching Realtors the art of Digital Real Estate Marketing at Realty Biz News Real Estate Marketing & Beyond